3M may rise to 148.20 - 155.90

Our pivot point is at 109.6.

Our preference

The upside prevails as long as 109.6 is support.

Alternative scenario

The downside breakout of 109.6 would call for 97.5 and 90.2.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 111.326 and 104.9178).

Supports and resistances

163.5 **

155.9 *

148.2 **

140.6

124.61 (USD-last)

114.5

109.6 **

97.5 *

90.2 **

Number of asterisks represents the strength of support and resistance levels.